Oltchim Privatization Delayed for Four Months

11:51 AM MST | December 21, 2011 | Ian Young

The International Monetary Fund (IMF) has agreed to a four-month extension, until April 2012, of the deadline for the previously announced privatization of chemical company Oltchim (Ramnicu Valcea, Romania). The delay is covered by a letter of intent, signed by the Romanian government and the IMF earlier this month. The government will select an investment bank by mid-February to manage the privatization, reports say. The government nor Oltchim is permitted to acquire the Pitesti, Romania refinery of Arpechim before Oltchim's privatization, according to the...